Petrochemical markets in Asia have reacted swiftly to recent rising crude oil and naphtha prices but European and US markets are still feeding through the sharp crude price downturn of the past six months, ICIS data showed on Monday. The ICIS Petrochemical Index (IPEX), which represents a capacity-weighted basket of 12 primary petrochemical products, fell 1.5% in February from January 2015*. The index is down 37% from February 2014 and 36% lower than in August 2014 when crude oil prices began to fall dramatically.
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